As usual diamonds take the headlines but gold is the bigger issue

We’re finally starting to see the jewellery industry respond to the Russian blood diamond issue. A full week after Russia launched its full-scale invasion of Ukraine, various bodies with ties to Russian diamond mining giant Alrosa are distancing themselves from the organisation, if not cutting ties.

Obviously, this isn’t going far enough and I can’t imagine on what grounds both the RJC and KP can possibly have for not removing all certifications from Alrosa, the mostly state-owned Russian diamond mining giant. If there is no provision within their rules to immediately remove state-owned enterprises that directly fund war then what the hell are these organisations for? For a certification body to be effective and have credibility there must be some kind of mechanism to remove certification.

There is justified concern from the jewellery industry and the public about Russian diamonds funding the war in Ukraine, which they undoubtedly have and are, however, the bigger issue could well be gold.

This follows the pattern, diamonds grab the headlines but gold is the bigger issue. We all know about Blood diamonds however gold is used 4 x as much by weight in jewellery production and the funds from sales of gold can

In 2021 Russia produced 333.1 tonnes of gold, placing it as the world’s second-biggest producer behind China. This gold will find its way onto the world market and funds will go towards Putins war machine.